Numerous nations are developing numerical metrics to integrate within the sector as interest in using cryptocurrencies and blockchain forum technology grows. Because of this, many regulatory strategies have been leased into the cryptocurrency market for various jurisdictions.
While some adopt a severe stance that results in a total prohibition of cryptocurrency assets in their area, others are dubious and hesitant to enter the cryptocurrency market. Because of this, several regions have partially banned the usage and implementation of cryptocurrencies. India is one of those nations presently investigating Blockchain potential and how it may be incorporated into various businesses.
The Indian government has backed blockchain technology and is engaged in several pilot programs to determine its viability. To accelerate blockchain use and adoption in India, the government has established the Blockchain Forum. The government wants to foster an atmosphere where blockchain technology may be adopted in India through the event. Additionally, it will offer a forum for conversation and idea sharing amongst various parties.
In coordination with other ministries and departments, the Department of Electronics and Information Technology (DeitY) has launched the Blockchain Forum. Its goal is to bring together all parties engaged in the creation and execution of blockchain initiatives.
What is Blockchain?
The Blockchain, a distributed database, allows for secure, open, and immutable record-keeping. Blockchain is a distributed, unchangeable ledger that makes it easier to record transactions and monitor assets within a corporate network. It is the technology that underpins virtual money like Bitcoin.
Blockchain is a distributed, immutable ledger that simplifies the recording of transactions and the monitoring of assets inside a business network. Blockchain technology can enable the creation of verified and unchangeable documents. As a result, the information saved on the Blockchain cannot be changed or removed. Thus, Blockchain is the perfect platform for keeping sensitive data, medical information, voting records, financial transactions, etc.
Blockchain technology has the potential to fundamentally alter how we use the internet. It does away with the requirement for middlemen like banks or governments to authorize transactions by establishing a decentralized network. Many procedures may become more cost-effective & efficient as a result.
Before blockchain technology is widely used, numerous obstacles remain to be addressed. For instance, scalability is a major issue that has to be fixed. Blockchain scalability refers to how effectively it can manage increasing transactions. The fact that the Blockchain needs all parties to agree on the authenticity of transactions contributes significantly to the problem. However, with more invention and development, Blockchain may someday have a profound impact.
A blockchain forum has been suggested to boost online usage in India. The blockchain forum will attempt to act as a venue for discussion and cooperation between the public and private sectors about the usage of blockchain technology in India. Furthermore, the Forum will raise awareness of blockchain technology among small and medium-sized businesses.
The way technology has evolved in recent years has been astonishing, opening the door to almost limitless possibilities. As technical advancements occur at the speed of light, every industry gradually incorporates Blockchain into daily operations. It has just been shown that blockchain technology is the key to sustainability and the future. Among many others, social entrepreneur Zeeshan Khan is dedicated to creating a more sustainable environment.
Zeeshan predicted that the way commodities and natural resources are traded will alter significantly due to the technological shift toward Artificial Intelligence (AI), Blockchain, and Web 3.0. “Blockchain technology has the potential to help firms improve their efficiency and allows investors to make good judgements.” he says.
Furthermore, Zeeshan Khan stated that Blockchain is expected to become a strong technology that would be employed across several industries to address various difficulties. Furthermore, using blockchain technology to advance sustainability would necessitate significant action.
Furthermore, Mr Khan believes that blockchain technology will help save the environment while bringing about a dramatic transformation in the financial sector. Aside from that, as bitcoin gains traction, there is a significant need for digital mining using blockchain technology. It leaves a carbon imprint due to the large amount of energy consumed. Still, emerging blockchain technologies like 5ire chain are fixing this big problem and making the entire ecosystem more sustainable. Finally, Zeeshan Khan remarked at the World Economic Forum that we should make environmental conservation a continuous process to achieve long-term goals.
India blockchain forum
On Sunday at T-Hub in Hyderabad, Jayesh Ranjan, Principal Secretary, Industry & Commerce and IT, Government of Telangana, officially started the India Blockchain Forum.
The Blockchain Forum is a web3 interactive forum that seeks to foster blockchain technology’s widespread adoption.
The Forum began as an informal gathering of important influencers in the country’s blockchain ecosystem.
According to the statement, the Forum has five founding members and more than 40 key influencers who establish special interest groups (SIGs) in areas such as central bank digital currency (CBDC), Metaverse, policy framework, and others to facilitate the effective adoption of Blockchain in India.
The India Blockchain Forum is founded by a group of five industry veterans, including Prasanna Lohar, CEO of Block Stack; Pankaj Diwan, Founder & CEO of Idealab’s FutureTech Ventures; Col. Inderjit Singh, Chief Cyber Security Officer at Vara Technologies Pvt Ltd.; Sharat Chandra, Blockchain and emerging tech Evangelist, and Srinivas Mahankali, Chief Business Officer at Secure Kloud Technologies.
The paper titled “National Blockchain Strategy” was published by the Ministry of Electronics and Information Technology in 2021 and included contributions from the five founding members related to Blockchain.
“Policy specialists, expanding frontiers like as non-fungible tokens (NFTs), Metaverse and CBDC, cybersecurity, as well as technical architects, international influencers, and pioneers in business Blockchain and Web3.0 adoption are among the existing members”, according to the statement.
The India Blockchain Forum intends to improve online usage in the country through collaboration with the Government of India. The association will collaborate with the government to raise awareness of blockchain technology and its potential applications among Indian businesses and entrepreneurs. The company thinks blockchain technology may help minimize fraudulent activities, improve operations, and open up new prospects for Indian enterprises.
The Forum aims to raise public knowledge of blockchain technology and its potential advantages for the nation with the assistance of the government.
The Forum plans to develop a strong framework to make India a worldwide centre for Blockchain and Web 3.0 through collaboration with governments, regulators, businesses, and academics. The Forum intends to “establish community chapters around the country to improve knowledge and access to international guiding principles” to increase understanding regarding Blockchain and Web 3.0. The Forum will now allow participation from all interested parties as part of the process to form the biggest web 3.0 community on the planet, it was announced in a news release.
2023 will see global crypto regulations coming to fruition, as there is a broader consensus among all the global bodies, including G20, to fast-track regulations. India, under its G20 presidency, will play a pivotal role.
Sharat Chandra
Co-Founder, India Blockchain Forum
Aim of the blockchain forum
The India Blockchain Forum was founded to make India a worldwide centre for Blockchain and Web 3.0. To enhance access to and understanding of international best practices, it will establish neighbourhood chapters around the nation. To assist in the creation of a comprehensive framework for the proper implementation of Blockchain and Web 3.0, the India Blockchain Forum envisions a collaborative model involving governments, regulators, industry, and academics. To raise awareness of Web3 throughout India, the Blockchain Forum is committed to establishing local organizations. Furthermore, the Blockchain Forum intends to work with universities and other research institutes to achieve even greater success.
Additionally, by using the Blockchain forum, it would be simpler to participate in the creation of policies that would ensure the effective deployment of blockchain technology. Additionally, it would pique Indians’ interest in various online industries. A shift into the Metaverse is one of them, as is the use of official money (CBDC). The Forum will shortly invite participation from a variety of stakeholders. Creating the biggest Web3 interactive Forum includes this as one of its goals.
The India Blockchain Forum stated in the news release that they had developed a thorough 10-point agenda, as follows:
- Create an India-specific blockchain stack
- Policy promotion
- Encourage businesses to use technology from web3.0
- Promote an entrepreneurial ecosystem
- Aid businesses using Blockchain technology
- Create a talent pool for the long-term growth of the Blockchain ecosystem
- Collaboration with academic and scientific institutes
- India Blockchain Use Case Repository
- Foster community
- International cooperation
Promoting Web3 Through a Blockchain Forum
In recent years, India has emerged as a hub of innovation for cryptocurrencies and blockchains. One of the biggest cryptocurrency exchanges in the world is located there, and its residents were among the first to use blockchain technology.
Key influencers in the Indian Blockchain sector have formally launched the India Blockchain Forum. Currently, the Indian government wants to see more people using web3 technologies like Blockchain and cryptocurrencies. The government has established a Blockchain Forum to promote the adoption of these technologies in India. The Forum has already collaborated with several Indian state governments, including Gujarat, Maharashtra, Karnataka, and Andhra Pradesh. It has also collaborated with prestigious Indian colleges such as the Indian Institute of Technology (IIT) Bombay and the National Institute of Design (NID).
Telangana’s government intends to reveal a Web3 regulatory sandbox to facilitate the new step. This would fund brand-new initiatives and programs on tokenization, NFTs, and other topics. Furthermore, the sandbox allows developers to quickly build additional interactions with stakeholders, including politicians and regulators. Jayesh Ranjan, IT secretary, praised the team for developing a framework for successfully accepting and expanding India’s Blockchain ecosystem.
“This sandbox will help create a meaningful dialogue amongst all the stakeholders including startups, policymakers and regulators, to arrive at a nuanced approach in evolving an effective web3.0 framework,”
Jayesh Ranjan
Principal secretary of I&C and IT department, Govt of Telangana
The event will be presided over by NITI Aayog, the government’s policy think tank, and will feature industry experts in addition to officials from several ministries. The Forum’s objective is to advance blockchain technology acceptance in India and position the nation as a global leader in web3 adoption.
The group will convene monthly to discuss how to use blockchain technology more widely. It will also work with companies and startups to support innovation. It is envisaged that the blockchain forum would assist India in becoming a world leader in blockchain technology.
Conclusion
The Blockchain Forum envisions a collaborative paradigm combining governments, regulators, industry, and academia. It aims to serve as a forum for debate and collaboration between the public and private sectors about using blockchain technology in India. One is changing the Metaverse, and another is adopting the official currency (CBDC). The Forum will soon issue invitations to various stakeholders. This is one of the objectives of establishing the largest Web3 interactive Forum.
The Blockchain Forum of India strives to increase online usage in India through a variety of initiatives. The organization will work with the Indian government to promote the use of blockchain technology in a variety of businesses.
The Forum will also work with private companies to help build apps that consumers and businesses can use. The Forum’s objective is to advance blockchain technology acceptance in India and position the nation as a global leader in web3 adoption. Using the Blockchain forum would make it simpler to participate in the formulation of legislation to ensure the effective use of blockchain technology.
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Frequently Asked Questions (FAQs)
- What is the Blockchain Forum?
Ans: The India Blockchain Forum is a web3 interactive forum which seeks to foster the widespread adoption of blockchain technology and cryptocurrencies. Key influencers in the Indian Blockchain sector are organizing the Forum.
- When was the Forum launched?
The Forum was established on August 21, 2022, at T-HUB Hyderabad, Telangana, by Indian crypto pioneers.
- What is the Forum’s objective?
The Forum’s objective is to establish community chapters around the country to improve knowledge and access to international guiding principles and develop a solid framework to make India a worldwide centre for Blockchain and Web 3.0 through collaboration with governments, regulators, businesses, and academics.
